Wednesday, May 31, 2023.
Bloomberg reports that crypto-industry blockchain platform Nansen has announced it will lay off 30% of its staff, citing broader difficulties in the market for cryptocurrencies and related assets,
The company had tried to expand into areas that were not at the core of its strategy, CEO Alex Svanevik noted in a statement posted on Twitter.
The company was founded in 2019; the startup's expansion coincided with an explosion in demand for services related to crypto assets and related investments. According to its website, venture capital firms Accel, GIC, and Andreessen Horowitz are among those who have backed the company with capital.
Nansen's core costs "are too volatile for where the company is today," Svanevik added.
Based in Singapore, the company had 120 employees in 2022, according to data from PitchBook.
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